Published: June 4, 2010
Bank has US$1.4bn to expand its network.
South Africa’s Standard Bank is planning to buy retail and commercial banks in Nigeria.
A US$1.4bn war chest has been set aside to fund the strategy designed to expand its international presence, the bank’s deputy chief executive, Ben Kruger, has told reporters.
A working group has been established to find suitable targets in countries that include Nigeria, which has become a prime target following the collapse of its banking system last year.
A source at the bank told emeafinance that it is currently conducting due diligence on some of the distressed banks and that nothing has yet been finalised.
Any such deals would boost the bank’s interests in the country, where it has 100 branches serving 300,000 customers, helping it to challenge its rivals such as Intercontinental Bank and First Bank.